I've seen assessment that need to be paid by each owner between 30 to 50k on the cheaper side (some as high as 60-80k) while their HOA doubled to collect up for their reserves and unforeseen higher cost. 

I have seen the CO mentioned in some of the descriptions so I have done a little research on that but it is good to consider keeping extra budgeted for unforeseen items I may have to fix.

It will be beneficial if unforeseen obstacles arise and will also benefit you if you're looking to borrow money as many lenders will require proof of secure income.   

I agree with @Chad Clanton in regards to having a proposed, concrete business plan may keep you from excellent unforeseen opportunity.Account Closed  Nonetheless, I find it important to have a goal oriented plan.

Are there any unforeseen issues or threats I haven't considered? 

You can also work at it part-time so you can keep the lights on w/your day job especially if REI and MF is your passion because you will have unforeseen energy and enthusiasm to make that work. 

Use numbers that work for you even with unforeseen costs.

Initially my dad was willing to partner with me but he is now unable to due to unforeseen circumstances.

Real Estate Attorney costs, Architect, Builder, Engineer, Permits, Licensing, unforeseen expenses and fees, ect. 

Follow your gut here, this loan officer is misguiding you.The grey area comes in if you buy the property with the intention of occupying it, then you do actually move into the property as planned, and then a few months later some unforeseen life circumstance comes up (death, divorce, out of state job offer, etc).